Business

Three keys to implementing a financial well-being plan in your business

Any well-being plan must be made up of four components – diagnosis, design, communication and monitoring – and include all of the company’s activities intended to promote the lives of its workers.

In addition, this plan must be personalized and adapted to the real needs of the employees. When preparing it, you should take into account:

1. Know the needs of your workers

First of all, you need to study the real situation of your workers: habits, physical, emotional and mental appearance, etc. In other words, make a diagnosis of your health and well-being habits.

To find out the needs of your employees, you can carry out satisfaction and work environment surveys.

An example of this diagnosis is that in Spain the economic concern of the population is 70%, the most important concerns being the dismissal or the pension plan. For this reason, flexible compensation and collection flexibility financial programs should be present in your business, as they eliminate these fears and increase worker productivity and safety.

2. Involves all departments of the company

As we explained in the previous section, you need to know your team’s needs and the gaps in the current financial wellness plan. Therefore, involving all departments can help you learn about day-to-day problems and gain information that is not reflected in satisfaction surveys.

In addition, an important part of the plan is how to communicate it and the involvement of the services will make it easier to communicate the actions to all workers. And don’t forget to communicate it externally! Let the company know that you care about the financial, physical and emotional health of your employees, improve your business reputation and your employer branding.

3. Consider all types of development:

Workers aspire to develop in three areas:

Professional Development: People love to learn and know that we can grow within a company. Offer a career plan to increase the productivity and engagement of your employees. Personal development: investing in the development of workers’ skills, building their confidence and giving them more security and better performance. A good way to promote them is to set up leisure programs such as team building and Work & Play. Family development: implement flexible schedule proposals and invest in reconciliation, improve their productivity and reduce costs for your business.

Interested in learning more about implementing a financial wellness plan for your business?

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Investing in financial well-being helps to have happy employees, increase business productivity and performance, and most importantly, reduce operational costs. And the best way to take care of the financial health of your workers is pay-on-demand. Do you know the Accrual solution? Request a demo.

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